World Trade Organization Highlights How Ripple Could Revolutionize the Global Financial System

Blockchain technology has a lot of potentials which are yet to be discovered. Blockchain technology can transform a wide range of industries and sectors. Most people know of digital currencies and their numerous benefits. However, many don’t know about their underlying technology – blockchain, as well as what it has to offer.

This technology has the potential to transform the automobile industry, the gaming industry, entertainment industry, etc. One of the industries this technology has found more use is the finance industry. The finance industry is speedily adopting this technology because of its amazing benefits.

A lot of banks and financial services providers are already using blockchain-related products. This is why XRP and Ripple have become very popular in the finance sector. Ripple provides easy-to-use, cost-effective, and fast payment solutions for banks and financial services providers. The firm uses XRP to facilitate payment in some of its products, as XRP is known to be one of the fastest digital currencies when it comes to moving money.

World Trade Organization How Ripple Could Have a Significant Impact on the World’s Financial System

Recently, the World Trade Organization (WTO) highlighted the significant impact blockchain technology, especially Ripple Inc., could have on the financial system of the world. According to a recent report by WTO, blockchain technology has the potential to extremely revolutionize the entire trading pattern of the world. According to the report, Ripple Inc. can immensely transform how money is moved by financial institutions.

Ripple is aimed at bypassing the traditional model of banking via its distributed ledger network. With Ripple, financial institutions can directly convert money into different currencies at a very low rate in just a few seconds. Ripple eliminates the need for intermediaries. Ripple has partnered with over 100 financial institutions and banks all over the world. A lot of banks are still testing the system.

Ripple owns about 60 percent of XRP – the third largest digital currency in the world by market cap. The firm uses the digital currency in some of its products to facilitate international payments. Ripple recently announced that xRapid – one of its products using XRP – will soon be launched. XRP saw a significant increase in its value after the initial announcement. However, the value of the coin is now falling despite xRapid platform Launch.

XRP Undergo Price Fall despite xRapid Platform Launch

When the launch of xRapid was announced in mid-September, the value of XRP surged by more than 100% in the following week. However, today marks one week in the post-launch phase of xRapid, and the value of the digital currency has declined significantly.

xRapid has gone live, and some firms have adopted it for commercial use. However, most of the gains the digital currency amassed during the announcement have been lost, and the digital currency is now trading in a tight range.

At the time of writing, XRP (XRP) is changing hands at 48 cents after an increase of about 1 percent over the past twenty-four hours. The digital currency currently boasts of a market cap of $19.23 billion with a trading volume of $524.96 million over the past twenty-four hours.